比特幣（BTC）和以太坊（ETH）準備大量$ 3.1B期權到期

在看漲奔跑時，比特幣（BTC）和以太坊（ETH）暫停了今天的撤退，因為加密貨幣市場準備了5月16日的31億美元期權到期。

Bitcoin (BTC) and Ethereum (ETH) encountered setbacks on May 15 as the cryptocurrency market braced for a significant $3.1 billion options expiry on Monday, May 16, data from crypto derivatives exchange Deribit showed.

Crypto衍生產品Exchange Deribit顯示，比特幣（BTC）和以太坊（ETH）在5月15日遇到了挫折，因為加密貨幣市場在5月16日星期一獲得了31億美元期權的大量期權。

At the time of writing, Bitcoin (BTC) is trading at $102,326, marking a decline of 1.53% in the past 24 hours, while Ethereum (ETH) is at $2,552, showing a decrease of 2.53%.

在撰寫本文時，比特幣（BTC）的交易價格為102,326美元，在過去24小時內下降了1.53％，而以太坊（ETH）的價格為2,552美元，顯示為2.53％。

According to the exchange, Bitcoin options, valued at $2.66 billion, are largely split with a Put/Call ratio of 0.99, and the max pain point stands at $100,000.

根據交易所的數據，價值26.6億美元的比特幣期權在很大程度上分配了0.99的比特幣，最大疼痛點為100,000美元。

On the other hand, Ethereum options, totaling $525 million, lean more bearish with a Put/Call ratio of 1.24 and a max pain point of $2,200, which indicates stronger hedging activity.

另一方面，以太坊期權總計5.25億美元，更傾向於看跌，呼叫率為1.24，最大疼痛點為2,200美元，這表明對沖活動更強。

This near-even ratio reflects a market split between bullish and bearish sentiment, suggesting uncertainty among traders.

這個接近比率的比率反映了看漲和看跌感情之間的市場分歧，這表明交易者的不確定性。

The max pain point, where the most options contracts would expire worthless, often acts as a magnet for prices during expiries, potentially driving volatility.

最大疼痛點，大多數選項收縮將到期毫無價值，通常是到期期間價格的磁鐵，可能會推動波動。

Historical data from CoinGlass indicates that such large expiries, above $1 billion, have led to price swings of 5-7% in 60% of cases over the past two years, a trend that has traders on edge.

來自Coinglass的歷史數據表明，在過去兩年中，在60％的案件中，如此龐大的到期（超過10億美元）導致了5-7％的價格波動，這一趨勢使交易者處於優勢。

Deribit, which controls approximately 85% of the global BTC and ETH options market, is a central node in these dynamics, amplifying the event’s impact.

控制了全球BTC和ETH期權市場約85％的Deribit是這些動力學的中心節點，從而擴大了事件的影響。

As the market moves towards the weekend, traders are closely monitoring for potential catalysts that could exacerbate price movements, especially given Ethereum’s higher put interest, which echoes hedging patterns seen during the 2022 Ethereum Merge when funding rates turned negative.

隨著市場向周末的發展，交易者正在密切監視可能加劇價格變動的潛在催化劑，尤其是考慮到以太坊的較高利率，當資金匯率變為負面時，這會呼應2022年以太坊合併期間看到的對沖模式。

Ultimately, Bitcoin’s balanced sentiment leaves room for either a breakout or a deeper pullback, depending on broader macro factors.

最終，根據更廣泛的宏觀因素，比特幣平衡的情緒為突破或更深的回調留出了空間。